Crypto Trader: Bull Run Gains Happening in the ‘Small Alt Caps’ Market, Some Flying Others Dying
Bitcoin might not be showing any strong bullish signs, but its sluggishness is countered by the hot altcoins taking over the market.
On February 1st, the total market cap has been at about $112 billion while BTC dominance has been at 53.3 percent. Today, the market cap has risen to $139 billion, an increase of $27 billion that is of 24 percent. BTC dominance meanwhile has fallen to 50.9 percent, a drop of 4.5 percent.
While Ethereum, Litecoin, and Bitcoin Cash's dominance has increased by about 1 percent, XRP’s has taken a hit of 2 percent. Other cryptocurrencies saw the highest surge of 3 percent in their dominance.
“There is a bull run happening today. Though BTC and the major alts are moving very slowly there are many small caps that are flying while others are dying. Though the total market cap isn’t flying, if you are picky about your alts there are huge gains to be made,”
said CNBC crypto trader host, Ran NeuNer.
It’s On! Altcoins Making Profits
Yesterday, we saw Stellar making some good moves on the back of its IBM partnership that took a major step forward into the world of international bank settlements by onboarding six banks. This had the XLM rising over 10 percent.
And as Mati Greenspan, senior analysts at eToro shared Cardano (ADA) is making some waves today as it is up by over 3 percent at $0.0519.
“Today's altseason winner is Cardano! ADA had a modest pop of 7.5% within 3 hours this afternoon. The rest of the market is slightly green and this is the largest gainer of the large cap coins,”
Today’s top crypto gainer has been Tezos with more than 16 percent gains while GX Chain and Huobi Token registered over 10 percent gains.
Project Pai, IOST, Zcash, Repo, Crypto.com Chain, Ravencoin, and Power Ledger are up by 3 to 6 percent. While Monero, VeChain, Ziliqa, and Ethereum Classic are up over 2 percent.
“Though prices are somewhat off the floor and green days are becoming more common, we still haven’t seen the telltale signs of a bull market just yet.
One of those signs is bitcoin’s 200-Day moving average, which is something we’ve been talking about here for a few months now. Fundstrat’s Tom Lee has now also placed high importance on this indicator.”
With more than 14 percent losses, ABCC is the biggest loser of today while Aurora is down by 6 percent and Kin, Binance Coin, and Insight chain are in the red by over 4 percent.